RES 17972 - Laserfiche WebLink

Examples: completion of 19 years= 76%of the single plan rate for the lowest cost HMO and completion of 20 years= 80%of the two-party lowest cost HMO. Such monies may be utilized for City plans or for medical premiums for alternate plans selected by the retiree. 2. Disability Retirement For all employees who are hired after January 1, 2009 and retire with disability,the City shall pay a percentage of the monthly premium of the City's lowest cost HMO health plan coverage in accordance with the schedule set forth below: Years of Service City's Contribution 10 20% 11 25% 12 30% 13 35% 14 40% 15 45% 16 48% 17 51% 18 54% 19 57% 20 80% 21 84% 22 88% 23 92% 24 96% 25 + years of service 100% Employees who leave City service prior to the completion of twenty years of full-time service shall receive the above listed percentage of the single plan rate for the lowest cost HMO. Employees who retire after the completion of twenty(20) years of full-time service will receive the above listed percentage of the two-party rate for the lowest cost HMO. Examples: completion of 19 years= 57%of the single plan rate for the lowest cost HMO and completion of 20 years=80%of the two-party rate for the lowest cost HMO. H. Vesting Schedule for Employees Hired On or After January 1,2012 1. Service Retirement For all employees who are hired on or after January 1, 2012 and retire from service,the City shall provide the following benefit: Commencing upon the date of hire, the employee will be credited with four percent(4%) for each year of service of the single plan rate for the lowest cost HMO. Upon reaching Medicare eligibility age, the City's contribution toward the medical premium shall cease. 2. Disability Retirement For all employees who are hired on or after January 1, 2012 and retire with disability,the City shall pay a percentage of the monthly premium of the single plan rate for the lowest cost HMO 17